INSUBCONTINENT EXCLUSIVE:
For SBI's flexi deposit scheme, the minimum installment amount is Rs 500.State Bank of India (SBI), the country's largest lender, offers
various schemes under its personal banking portfolio
the corpus, instead of a fixed instalment (as in the case of recurring deposit)
All resident individual customers including minors are eligible for the bank's Flexi Deposit scheme, according to SBI's corporate
The scheme is available at all branches (except specialized credit intensive branches) across the country
of Rs 500, and requires a minimum investment of Rs 5,000 in a financial year, according to the SBI website
SBI currently offers an interest rate of 6.25 per cent to the general public on retail term deposits
The interest rate payable to SBI staff and pensioners is however kept 1 percentage point above the applicable rate
The rate applicable to senior citizens is 0.50 per cent above the applicable rate, according to the SBI website.Premature WithdrawalSBI
is applicable on premature withdrawals
For those above Rs 5 lakh, the applicable penalty is 1 per cent (all tenors), according to SBI.The interest is 0.50 per cent or 1 per cent
below the rate applicable at the time of deposit, whichever is lower
However, no interest is paid on deposits kept with the bank for a period less than seven days.Income Tax RulesTDS or tax deduction at source
to the SBI website.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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